The local government will continue to regard developing the economy and improving people’s livelihoods as the “main axis” of its governance.
Business
The government formally withdrew its controversial bill which proposed the transfer of 60 billion patacas from the government’s financial reserves for the setting-up of the Macau Special Administrative Region Investment and Development Fund.
Macau’s economy will shrink 0.8% this year and 0.9% next year.
Macau’s financial reserves increased by 2.4 billon patacas.
Gaming revenue in the second half of this year was affected by negative growth.
Macau will continue to face economic headwinds into the third quarter, following dual revelations in past weeks that August gross gaming revenue dropped the fastest this year and that the city has officially entered recession.
Monetary Authority of Macao released statistics on Wednesday that showed broad money supply continuing to fall in July.
Gross gaming revenue slipped 8.6 per cent year-on-year in August to 24.26 billion patacas owing partly to a difficult comparison base for the month last year.